Title
Consider/Discuss/Act on a Resolution of the McKinney Housing Finance Corporation Authorizing the Issuance of McKinney Housing Finance Corporation Multifamily Housing Subordinate Revenue Bonds (Mill Stream Apartment Homes), Series 2025C, An Amended and Restated Subordinate Bond Financing Agreement and a Regulatory Agreement; Authorizing the Execution of Documents and Instruments Necessary or Convenient to Carry out the Issuance of the Bonds; and Other Provisions in Connection Therewith
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
5.3: Develop sustainable quality of life improvements within the City of McKinney
MEETING DATE: May 9, 2025
DEPARTMENT: Housing & Community Development
CONTACT: Cristel Todd, Affordable Housing Administrator
ITEM SUMMARY:
• Resolution approval authorizes the issuance of bonds styled “McKinney Housing Finance Corporation Multifamily Housing Subordinate Revenue Bonds (Mill Stream Apartment Homes), Series 2025C”.
• The issuance of the Bonds in one or more series and in the aggregate maximum principal amount of not to exceed $2,000,000.
BACKGROUND INFORMATION:
• Construction began February 22, 2023
• Estimated date of completion September 3, 2025
• Property Location: 2300 Wilmeth Rd., McKinney 75071
• Total Units: 240 - 60% AMI
• 96 one-bedroom units
• 108 two-bedroom units
• 36 three-bedroom units
• Community features: 10 three-story, garden-style residential buildings, each containing 24 units. A one-story clubhouse which will include leasing offices, fitness room, business center, and laundry facility.
FINANCIAL SUMMARY:
• In 2022, MHFC issued a bond for the Mill Stream Apartment Homes in one or more series and in the aggregate maximum principal amount of not to exceed $38 million.
• The total cost of the Mill Stream Apartment Homes is $84,942,324